Impact of Divorce Sample Clauses

Impact of Divorce. If a Designated Life is removed from the contract due to a divorce (or a qualified dissolution order) and no withdrawals have been taken, the benefits provided by this rider will be adjusted, as necessary, based on the age of the remaining Designated Life. The rider charge and all terms of this rider will continue to be based on a joint rider even though benefits are provided for only one Designated Life.
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Impact of Divorce. If the Designated Life is removed as the Owner of the contract (or Annuitant, in the case of an Owner that is not a natural person), due to a divorce or qualified dissolution order, this rider will terminate.
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Impact of Divorce. Upon divorce, unless the divorce decree provides otherwise, the Contract Owner has the following options: (1) change the Rider from a Joint Life Guarantee to a Single Life Guarantee (subject to conditions outlined under “Converting a Joint Life Guarantee to a Single Life Guarantee” above); (2) keep the Joint Life Guarantee, but replace a Covered Life (subject to conditions outlined under “Replacing a Covered Life under a Joint Life Guarantee” above); or (3) terminate the Rider, thereby eliminating the Lifetime Withdrawal Guarantee. The Company will attempt to accommodate any other arrangements provided in a divorce decree.
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Impact of Divorce. If the Designated Life is removed as the Owner of the contract (or Annuitant, in the case of an Owner that is not a natural person), due to a divorce or qualified dissolution order, this rider will terminate. RECOVERY OF EXCESS PAYMENTS We may recover from you or your estate any payments made after the death of the Designated Life. JOINT OWNERS/JOINT ANNUITANTS A Joint Owner is not permitted while this rider is in effect. If the contract Owner is not a natural person, a Joint Annuitant is not permitted while this rider is in effect. CALCULATION OF BENEFIT VALUES BENEFIT BASE The initial Benefit Base will be set to the initial Purchase Payment. For each subsequent Purchase Payment prior to the later of the first Contract Anniversary or the date of the first withdrawal, the Benefit Base will be increased by the amount of the subsequent Purchase Payment(s). For any subsequent Purchase Payment on or after the later of the first Contract Anniversary or the date of the first withdrawal, there will be no increase to the Benefit Base as a result of the Purchase Payment(s). Prior to the Benefit Date, any amount you withdraw is considered an excess withdrawal and will cause the Benefit Base to be reduced by an amount equal to (a) multiplied by (b) divided by (c) where:
Sample 1Sample 2
Impact of Divorce. If a Designated Life is removed from the contract due to a divorce the benefits provided by this rider will be adjusted, as necessary, based on the age of the remaining Designated Life. If a Designated Life dies and the surviving spouse continues the contract, this rider may be continued provided the spouse is also a Designated Life. ICC13-70261 Minnesota Life 1 HIGHEST ANNIVERSARY DEATH BENEFIT This rider provides an additional death benefit value prior to the Annuity Commencement Date which may be greater than the death benefit provided under the contract. The Highest Anniversary Death Benefit is payable upon the death of the last remaining Designated Life. The initial Highest Anniversary Death Benefit is equal to the initial Purchase Payment. On each Valuation Date thereafter, the Highest Anniversary Death Benefit is increased by any Purchase Payments and reduced for amounts withdrawn, as described below, that have occurred since the previous Valuation Date. Prior to the Benefit Date, any amount you withdraw will cause the Highest Anniversary Death Benefit to be reduced by an amount equal to (a) multiplied by (b) divided by (c) where:
Sample 1
Impact of Divorce. If the Designated Life is removed as the Owner of the contract (or Annuitant, in the case of an Owner that is not a natural person), due to a divorce or qualified dissolution order, this rider will terminate. RECOVERY OF EXCESS PAYMENTS We may recover from you or your estate any payments made after the death of the Designated Life. JOINT OWNERS/JOINT ANNUITANTS A Joint Owner is not permitted while this rider is in effect. If the contract Owner is not a natural person, a Joint Annuitant is not permitted while this rider is in effect. ICC13-70258 Minnesota Life 2 CALCULATION OF BENEFIT VALUES BENEFIT BASE The initial Benefit Base will be set to the initial Purchase Payment. For each subsequent Purchase Payment prior to the later of the first Contract Anniversary or the date of the first withdrawal, the Benefit Base will be increased by the amount of the subsequent Purchase Payment(s). For any subsequent Purchase Payment on or after the later of the first Contract Anniversary or the date of the first withdrawal, there will be no increase to the Benefit Base as a result of the Purchase Payment(s). Prior to the Benefit Date, any amount you withdraw is considered an excess withdrawal and will cause the Benefit Base to be reduced by an amount equal to (a) multiplied by (b) divided by (c) where:
Sample 1
Impact of Divorce. If a Designated Life is removed from the contract due to a divorce the rider charge will continue to be based on a joint rider even though benefits are provided for only one Designated Life. ICC13-70253 Minnesota Life 2 If a Designated Life dies and the surviving spouse continues the contract, this rider may be continued provided the spouse is also a Designated Life. RECOVERY OF EXCESS PAYMENTS We may recover from you or your estate any payments made after the death of both Designated Lives. CALCULATION OF BENEFIT VALUES BENEFIT BASE The initial Benefit Base will be set to the initial Purchase Payment. For each subsequent Purchase Payment prior to the later of the first Contract Anniversary or the date of the first withdrawal, the Benefit Base will be increased by the amount of the subsequent Purchase Payment(s). For any subsequent Purchase Payment on or after the later of the first Contract Anniversary or the date of the first withdrawal, there will be no increase to the Benefit Base as a result of the Purchase Payment(s). Prior to the Benefit Date, any amount you withdraw is considered an excess withdrawal and will cause the Benefit Base to be reduced by an amount equal to (a) multiplied by (b) divided by (c) where:
Sample 1
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Related to Impact of Divorce

  • Changes Contractor shall make no changes in the work or perform any additional work without the County’s specific written approval.

  • Effect of a Change in Control In the event of a Change in Control, Sections 6 through 13 of this Agreement shall become applicable to Executive. These Sections shall continue to remain applicable until the third anniversary of the date upon which the Change in Control occurs. On such third anniversary date, and provided that the employment of Executive has not been terminated on account of a Qualifying Termination (as defined in Section 5 below), this Agreement shall terminate and be of no further force or effect.

  • Change of Management Not to make any substantial change in the present executive or management personnel of the Borrower.

  • Waiver or Change of Policy Provisions A waiver or change of a provision of this policy must be in writing by us to be valid. Our request for an appraisal or examination will not waive any of our rights.

  • Failure to Consummate Business Combination The Placement Warrants shall be terminated upon the dissolution of the Company or in the event that the Company does not consummate the Business Combination within 24 months from the completion of the IPO.

  • Failure to Consummate a Business Combination; Trust Account Waiver (a) The Sponsor and each Insider hereby agree, with respect to itself, herself or himself, that in the event that the Company fails to consummate its initial Business Combination within the time period set forth in the Charter, the Sponsor and each Insider shall take all reasonable steps to cause the Company to (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than 10 business days thereafter, redeem 100% of the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously release to the Company to pay income taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Board, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to the Company’s obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements of applicable law. The Sponsor and each Insider agree not to propose any amendment to the Charter (i) that would modify the substance or timing of the Company’s obligation to provide holders of the Public Shares the right to have their shares redeemed in connection with an initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete an initial Business Combination within the required time period set forth in the Charter or (ii) with respect to any provision relating to the rights of holders of Public Shares unless the Company provides its Public Shareholders with the opportunity to redeem their Public Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay taxes, if any, divided by the number of then-outstanding Public Shares. (b) The Sponsor and each Insider, with respect to itself, herself or himself, acknowledges that it, she or he has no right, title, interest or claim of any kind in or to any monies held in the Trust Account or any other asset of the Company as a result of any liquidation of the Company with respect to the Founder Shares held by it, her or him, if any. The Sponsor and each of the Insiders hereby further waive, with respect to any Founder Shares and Public Shares held by it, her or him, as applicable, any redemption rights it, she or he may have in connection with the consummation of a Business Combination, including, without limitation, any such rights available in the context of a shareholder vote to approve such Business Combination or a shareholder vote to approve an amendment to the Charter (i) that would modify the substance or timing of the Company’s obligation to provide holders of the Public Shares the right to have their shares redeemed in connection with an initial Business Combination or to redeem 100% of the Public Shares if the Company has not consummated an initial Business Combination within the time period set forth in the Charter or (ii) with respect to any provision relating to the rights of holders of Public Shares (although the Sponsor and the Insiders shall be entitled to liquidation rights with respect to any Public Shares they hold if the Company fails to consummate a Business Combination within the required time period set forth in the Charter).

  • Termination for Changes in Budget or Law The JBE’s payment obligations under this Agreement are subject to annual appropriation and the availability of funds. Expected or actual funding may be withdrawn, reduced, or limited prior to the expiration or other termination of this Agreement. Funding beyond the current appropriation year is conditioned upon appropriation of sufficient funds to support the activities described in this Agreement. The JBE may terminate this Agreement or limit Contractor’s Services (and reduce proportionately Contractor’s fees) upon Notice to Contractor without prejudice to any right or remedy of the JBE if: (i) expected or actual funding to compensate Contractor is withdrawn, reduced or limited; or (ii) the JBE determines that Contractor’s performance under this Agreement has become infeasible due to changes in applicable laws.

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